Homeownership may only be realistic in your 30s
Owning a house may only become a realistic goal in family life when people reach their 30s, according to one expert, who said that deposits have increased to the level they were at in the 1970s.
Jane Marr, director at the Little House Company, said that first-time buyers are being put off of trying to get on the housing ladder because they have to pay deposits which are 25 per cent of a property's value.
"I can foresee the situation where people in their 20s do not consider homeownership and that it will only become a realistic goal once in your 30s as your pay increases and you have had longer to save," she stated.
The expert added that stringent lending requirements could force people to look for alternative funding solutions.
In other news, the Council of Mortgage Lenders recently revealed that the average age of a first-time buyer in Yorkshire is 27.
More about family life.
Posted by Libby Ward
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Date Posted: 10/03/2010
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